I also use the sandwich bag technique, but add to this technique by using a camcorder. I set the camcorder on a tripod, place the items to be bagged in front of the camcorder, and talk to the camcorder i.e. "item number 1, carburetor airhorn to throttle body screws, 12 x 24 x 3/4 slotted fillister head, original finish white zinc, 3 required, need to replace at least 2".
I then bag the parts, label the bag, and store in a box.
Later in the project, I watch the video, and create a database on the computer by group (i.e. engine, carb, transmission, etc.) and add the information on the computer. This gives me an index to the parts, and a shopping list to what I need to look for.
To quote Dave "especially given the fact that these rebuilds can often takes several years to complete". I am just finishinh a project started in 1983!!!
Jon.